Cablevision Reports Higher Profit, Revenue

Cablevision Systems Corp. said profit more than doubled in the latest quarter, helped by a large gain on investment income, though the firm continued to lose TV subscribers.

Like other pay-television companies, Cablevision has faced challenges as a shift toward streaming video and rising cable TV costs have prompted more consumers to either cut the cord entirely or move to smaller bundles of channels.

Cablevision, which expects its pending $10 billion acquisition by Altice NV to close in the second quarter, posted a net loss of 15,000 video customers in the quarter. It gained a net 19,000 high-speed data subscribers.

The company also lost 8,000 voice subscribers. It ended the quarter with a total 3.1 million customers, an overall net gain of 9,000 across all its services. The company reported its lowest level of what it called "competitive voluntary churn" in more than eight years in the final quarter of the year.

Over all, Cablevision reported a profit of $94.4 million, or 34 cents a share, up from $44.6 million, or 16 cents a share, a year earlier. The latest period included $14.2 million in negative one-time items. Revenue increased 1.6% to $1.64 billion.

Analysts polled by Thomson Reuters expected per-share profit of 18 cents and revenue of $1.64 billion.

The company reported a $100 million gain on investments in the period compared with a $33 million loss a year ago.

Shares, up 69% in the past year, edged down 0.1% to $34.40 in early trading in New York.

Write to Joshua Jamerson at [e-mail]

(END) Dow Jones Newswires

May 05, 2016 10:45 ET (14:45 GMT)

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